Chennai Petro shares fall despite firm reporting strong second-quarter numbers

Chennai Petro Stock Price: Shares of Chennai Petro were trading down in morning deals on BSE on Thursday (October 26), sliding 1.33 per cent, or Rs 7.10, at Rs 527.25 each at 10:51 am, despite the company announcing strong second-quarter results on Wednesday.

The stock's fall on Thursday continued the lacklustre show of the company's shares which have slid 12.43 per cent in the last five trading sessions. It has underperformed the benchmark Nifty 50, which has been down 3.37 per cent in the same period. 

The petroleum company's stock closed at Rs 534.35 on Wednesday evening before starting its trading session on Thursday at Rs 537.95. The stock surged to the day's high of Rs 544.10 before starting its downward journey. 

Chennai Petro Q2 Results: 

The company's profit in the quarter under review jumped 2.2X to Rs 1,191 crore in the current quarter against Rs 548 crore in the previous quarter, while its margins in Q2 were up by 10.9 per cent compared to 6.4 per cent in the previous quarter.

Revenue from operations also surged by 12.2 per cent to Rs 16,545 crore in the quarter under review from Rs 14,745 crore in the previous quarter of the same financial year.